Myanmar earned over 361 million US$ from the export of rice and broken rice within eight months in the current fiscal year 2023-2024 and monthly exports reached to the highest rate US$ 90 million in November, according to the figures from the Myanmar Rice Federation. 

From April to November in 2023-2024 fiscal year, Myanmar earned US$ 36 million from exporting 87,648 tons of rice and broken rice in April, US$ 48 million from exporting 110,706 tons in May, US$28 million from 62,725 tons of rice and broken rice exports in June, US$ 26 million from exporting 58,334 tons in July, US$ 28 million from 59,971 tons of rice and broken rice export in August, US$ 42 million from exporting 84,773 tons in September, US$ 63 million from 119,526 tons of rice and broken rice export in October and US$ 90 million from exporting 175,990 tons in November.

Due to the recent clashes in northern Shan State, border trade was suspended and export of rice took place via maritime route to China according to U Ye Min Aung, Chairman of Myanmar Rice Federation (MRF) held at the news brief on November 25.

“Border trade export was currently suspended due to situations in northern Shan State. However, we exported rice to China via maritime route. At present, neighbouring countries such as Malaysia, Indonesia, and the Phillippines and the EU countries bought rice and broken rice from Myanmar,” said Chairman of MRF U Ye Min Aung.

Myanmar exported more than 600,000 tons of rice in 2023-2024 FY, which is  less than nearly half compared with same period last year.

Compared with the rice prices in Thai, India, Vietnam and Pakistan, rice price in Myanmar is higher than these countries, he said.

According to the foreign currency policy of 50:50, the price of export has risen, he added. In the open season such as November, December, January and February, coordination has been made to increase the sale of rice. It is expected to export 2 million tons of rice to foreign countries annually.

Concerning the situation in which Myanmar may experience in exporting Myanmar agricultural products to China, because of Muse border situation, he said that export of rice and broken rice from border trade after 2020 was very few. In the past, border trade was nearly 30 percent to 40 percent. In recent years, border trade export was lesser than the previous years. Export of fruits, such as watermelon, mango, and vegetables may experience difficult situations, he said.